Updated: 25th November 2010
Hull-based Custom Leisure Homes Limited which trades as Cosalt Leisure Homes was placed into administration yesterday (24 November 2010).
Andrew Mackenzie and Ken Pattullo of leading business rescue and recovery specialists Begbies Traynor were appointed as joint administrators.
Founded almost 30 years ago, the business had an annual turnover of approx £3m and underwent a management buyout last year. It is based at Stockholm Road and manufactures hand built residential and holiday homes.
The company was placed in administration as a result of severe cash flow problems and has ceased to trade with all 43 staff being made redundant.
“It could be a viable business and has strong orders going forward, but unfortunately it has proved unable to restructure its operations quickly enough to overcome its immediate cash flow problems,” said joint administrator Andrew MacKenzie.
“We are currently in discussions with some interested parties who recognise the value of the firm’s reputation within the sector, together with its healthy order book and high quality plant and machinery. “
Andrew is a qualified Insolvency Practitioner, Chartered Certified Accountant and has a degree in Accountancy and Finance. He joined the Leeds office of Begbies Traynor in January 2006 having previously worked for PwC, Baker Tilly and BDO Stoy Hayward. Andrew opened a Hull office for the firm on 1 May 2008 and has a broad range of experience in Corporate Rescue and Recovery, restructuring, personal insolvency, business investigations, review work and funding solutions.